https://www.taxtmi.com/caselaws?id=294999 The Supreme Court upheld the finding that the company and its promoters were wilful defaulters. Following the sale of the company during insolvency proceedings, the Review Committee of Axis Bank determined that the writ petitioners remained wilful defaulters under the Master Circular. However, the Court ordered the removal of the writ petitioners' names from the list of wilful defaulters effective March 1, 2019, upon settlement of the debt through an approved resolution plan. The prohibition on new commercial finance for the writ petitioners would continue for five years from February 28, 2019. en-us Fri, 18 Sep 2020 00:00:00 +0530 Fri, 14 May 2021 08:32:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294999 The Supreme Court upheld the finding that the company and its promoters were wilful defaulters. Following the sale of the company during insolvency proceedings, the Review Committee of Axis Bank determined that the writ petitioners remained wilful defaulters under the Master Circular. However, the Court ordered the removal of the writ petitioners' names from the list of wilful defaulters effective March 1, 2019, upon settlement of the debt through an approved resolution plan. The prohibition on new commercial finance for the writ petitioners would continue for five years from February 28, 2019. Case-Laws Insolvency and Bankruptcy Fri, 18 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294999